Online trading fraud: Jubilee Hills resident loses Rs 57 lakh to scammers promising high returns
The victim came across an advertisement for a platform called FX Road on Instagram
By Newsmeter Network
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Hyderabad: A 60-year-old resident of Jubilee Hills was duped of over Rs 57 lakh by cyber scammers who lured him with promises of high returns on an online trading platform.
Instagram advertisement leads to trap
The victim came across an advertisement for a platform called FX Road on Instagram. After clicking on the link, he was contacted by individuals posing as company representatives who guided him through registration and convinced him to digitally sign documents.
Fake profits to build trust
According to cybercrime officials, the scammers asked him to invest money via credit card transactions and bank transfers, claiming the funds would be used to trade in commodities like crude oil, precious metals, company stocks such as Tesla and cryptocurrencies. The platform initially showed fake profits to win his confidence.
Forced to deposit more funds
As per officials, when markets allegedly turned volatile, the fraudsters manipulated the victim into depositing additional money to maintain margin levels on his investments.
In total, the senior citizen lost Rs 57.4 lakh in the scam. After realising he had been cheated, he approached the national cybercrime helpline in 1930 and lodged a complaint.
A case has been registered and an investigation is on.
Public advisory
Tips to avoid online trading scams
1. Never invest based on unsolicited contact or promises of guaranteed returns.
2. Do your research before investing in any platform or opportunity.
3. Only invest through reputable and regulated financial institutions.
4. Never share personal information with someone you donāt know and trust.
5. Be cautious of platforms with high fees or hidden charges.
6. If something sounds too good to be true, it probably is.
